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The accounting for long term contracts using the percentage of completion method is an exception to the basic realization principle. This method is used wherein the revenues are determined based on the costs incurred so far. The percentage of completion method is used when: Collections are assured; The accounting system can: Estimate profitability
See also production accounting. Construction accounting is a vitally necessary form of accounting, especially when multiple contracts come into play. The construction field uses many terms not used in other forms of accounting, such as "draw" and progress billing. [1]
The construction documents, specifically the technical specifications, require the contractor to submit product data, samples, and shop drawings to the architect and engineer for approval. This is one of the first steps that is taken by the contractor after execution of the construction contract and issuance of the "Notice to Proceed".
Example of a site plan. A plot plan. A site plan or a plot plan is a type of drawing used by architects, landscape architects, urban planners, and engineers which shows existing and proposed conditions for a given area, typically a parcel of land which is to be modified. Sites plan typically show buildings, roads, sidewalks and paths/trails ...
Example mechanical drawing. Here is an example of an engineering drawing (an isometric view of the same object is shown above). The different line types are colored for clarity. Black = object line and hatching; Red = hidden line; Blue = center line of piece or opening; Magenta = phantom line or cutting plane line
By their nature, construction activities and contracts are long-term projects, often beginning and ending in different accounting periods. Until its replacement with IFRS 15 in January 2018, IAS 11 helped accountants with measuring to what extent costs, revenue and possible profit or loss on the project are incurred in each period.
ISO 8048:1984 Technical drawings — Construction drawings — Representation of views, sections and cuts; ISO 8560:2019 Technical drawings — Construction drawings — Representation of modular sizes, lines and grids; ISO 8826-1:1989 Technical drawings — Rolling bearings — Part 1: General simplified representation
First-angle is drawing the object sides based on where they land. Example, looking at the front side, rotate the object 90 degrees to the right. What is seen will be drawn to the right of the front side. Third-angle is drawing the object sides based on where they are. Example, looking at the front side, rotate the object 90 degrees to the right.
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